Phoenix Great American Tower Sells for $49M
- Nov 14, 2016
by Evelina Croitoru
Phoenix—EverWest Real Estate Partners and American Realty Advisors have announced the sale of the Great American Tower, a landmark high-rise office building in midtown Phoenix. The property traded for $49 million and was acquired by Colorado-based DPC Cos., a privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.
“This is an exciting time to own and operate office space in the Central Avenue corridor. Tenant interest is strong, and there is still solid upside potential for landmark properties like Great American Tower,” Amr Ceran, senior director for EverWest, said in prepared remarks.
Located at 3200 North Central Ave., the 24-story Class A office building built in 1985 incorporates 344,527 square feet, with average floor plates of 15,000 square feet. The property is situated on 2.6 acres at the high-profile intersection of Osborn Road and North Central Avenue. At the time of the deal, the asset was 86 percent leased to a diverse tenant roster including Dignity Health, as well as legal, finance, engineering and government entities. Great American Tower is adjacent to the 39-acre Park Central Mall.
Cushman and Wakefield’s Chris Toci, Chad Littell and Larry Downey represented EverWest and American Realty Advisors in the sale. According to Yardi Matrix data, the transaction was subject to a $39 million loan held by Washington Federal with an undisclosed maturity date.
Image courtesy of EverWest Real Estate Partners